Formula One announced: the Italian company Pirelli is the Formula One racing’s official tyre supplier for 2014 -2016.
The FIA Formula One racing’s governing body in consultation with Pirelli is making changes to sporting regulations for tyre testing
In the beginning of 2014 pre-season testing will be wet tyre testing. Teams must have 1 of the 8 days testing for tyres. 1 to 2 teams will be testing along with Pirelli during the season in the allowed testing time.
The benefit of having 1 tyre supplier is cutting costs and closer racing.
The advantages of this (over multiple tyre suppliers) include closer racing and reduced testing and development costs.
At each race teams are given access to two types of dry tyres except in the case of wet, teams must use both type during the race. Colour: Super Soft – Red, Soft – Yellow, Medium – White, Hard – Orange.